Loans

CFNC provides repayable business loans up to $150,000 to new and existing small and medium-sized businesses within the North Cariboo region (Quesnel, Hixon, Nazko, Wells and Barkerville) as a means of stimulating local economies.  Loans are intended to support business opportunities that provide an overall benefit to the North Cariboo region through the development and diversification of the regional economy.  Our loans may be paid out early - penalty free - with repayment schedules specifically tailored to address each individual entrepreneur's needs.

Who can apply?

Applicants who are looking to start or already own a business in the North Cariboo region.

Individuals or businesses who require funding for start-up costs, working capital purposes, capital acquisitions, or expansion of a small business.

Residents or businesses of the North Cariboo who are unable to access funding from traditional sources (i.e. Chartered Banks, Business Development Bank of Canada, Credit Unions, etc.). CFNC can often partner with traditional lenders in order to meet the borrowers full lending requirements.

How do I apply?

·         Contact our office to make an appointment  with our loans officer to discuss your needs and pick up the loan application form.

·         The loans officer will perform a preliminary loan review based on the information provided in the loan application and credit report.

·         The loans officer will advise you whether or not Community Futures is able to proceed with the application and the extent of potential funding available.  Please note, this is a preliminary assessment only, and Community Futures reserves the right to approve or reject the loan request as the application is developed further.

·         You develop your business plan: 

o    Start up businesses must provide a full business plan prior to final funding approval

o    Existing businesses must provide an expansion plan or work-out plan

o    Additional information such as contracts, estimates, marketing materials may also be required

·         A written analysis and recommendation of your application is produced.
The file is then submitted to the General Manager for approval and authorization.

·         Approved loan proposals are presented with a Letter of Offer detailing the terms and conditions, interest rate and fees

·         Upon acceptance of the Offer, disbursement of funds occurs once documentation and security are complete

Criteria

Loan applications are evaluated and approved by CFNC based on the following criteria:
·  Economic viability of the business proposal
·  Management capability and skills
·  Reasonable personal investment
·  Loan security
·  Credit history

All information provided to Community Futures North Cariboo is completely confidential.

Note:  Lending money takes time, and often depends on the applicant's state of readiness in preparing and presenting a viable business plan and financial information.  The time required for the loan review process: preparation of loan agreements and other legal documentation; security registration; as well as time for representatives of your firm to sign the documents are also considerations that need to be taken into account.

 Additional Information
·  Business Sustainability Loan information
·  Business Growth Loan information
·  Business Start-up Loan information

Document Downloads
·  Business Plan Guide
·  Cash Flow Spreadsheet     Excel      PDF
·  Financial Projections Workbook  Excel
·  Financial Projections Workbook Example  PDF  

4-H Youth Loans
To help promote a new generation of young entreprenuers, Community Futures now offers loans up to $1,500 to help 4-H Members purchase and raise an animal for market.  For more information, contact your local 4-H club leader or Darryl at Community Futures. 

     4-H Youth Loan Application

Entrepreneurs with Disabilities Loans Fund

The beauty of the EDP loans fund is that qualified applicants receive flexible repayment terms should one’s self-disclosed disability impact your ability to helm your  business.  Disability of the owner/operator may necessitate consideration into your business operation’s cashflow. We are able to tailor loans repayments to suit your changing healthcare needs as they arise.

Qualified applicants to the EDP loans fund are entrepreneurs with a self-disclosed disability with a viable business plan that has undergone and passed due diligence.

Please contact our office for the most recent updates.